Buhari Secures $2.1bn Loan To Rebuild Northeast


President Muhammadu Buhari has commended the World Bank over a package which would see it spend $2.1 billion in rebuilding North-eastern part of Nigeria which has for years suffered incessant Boko Haram attacks.

He made commended the lender on Tuesday at a meeting in Washington DC with its representatives, the Bill and Melinda Gates Foundation, and the World Health Organisation (WHO).

However, Buhari noted that apart from rebuilding the region in terms of infrastructure, priority must also be given to the resettlement of Internally Displaced Persons (IDPs), who are now more than one million.

He urged the World Bank to send a team, which would work in concert with a team from the Federal Government, so that a proper assessment of needs could be done.

According to the News Agency of Nigeria, the World Bank will spend the said sum, through its IDA (International Development Agency), which gives low interest rates loans to governments. The first 10 years will be interest-free, while an additional 30 years will be at lower than capital market rate.



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